Is Adani group planning to buy Emaar’s India projects

Mumbai: Indian billionaire Gautam Adani is in advanced talks to buy the Indian unit of Dubai-based developer Emaar Group at a potential enterprise value of $1.4 billion, helping Asia’s second-richest person expand in real estate.

The Adani family and Emaar are discussing the structure of a transaction, which could include an unlisted Adani unit infusing about $400 million in equity, the people said, asking not to be identified because the information is private.

An agreement could be reached soon as April, but there’s no guarantee of a deal as talks are ongoing, the people said. Representatives for Adani Group and Emaar didn’t respond to requests for comment.

Emaar said in January it was in discussions with some groups in India, including Adani, about a potential sale of a stake in Emaar India Ltd.

Portfolio boost
An acquisition of the Emaar unit would enlarge Adani’s real estate portfolio in India, which covers 24 million square feet of property and another 61 million under development, according to its website.

The Adani family’s real estate unit emerged as the top bidder to redevelop one of the largest housing projects in Mumbai at an estimated 360 billion rupees, Bloomberg News reported this month.

Adani is also in redeveloping Mumbai’s Dharavi slum, one of the biggest in the world and the backdrop to Hollywood movie Slumdog Millionaire.

Emaar India is developing residential and commercial projects in places including New Delhi, Punjab, Uttar Pradesh, Madhya Pradesh and Rajasthan.